NEW YORK, JUNE 25 -- -- The stock market climbed to new highs today, rebounding from a mild setback Tuesday and Wednesday.

Analysts said declining interest rates helped the market resume the rally it began about a month ago.

The Dow Jones average of 30 industrials jumped 22.64 to 2451.05, surpassing its previous closing peak of 2445.51 reached on Monday.

Volume on the New York Stock Exchange stepped up to 173.5 million shares from 153.7 million in the previous session.

The dollar showed strength in foreign exchange early today, recovering from a couple of days of weakness.

That helped send interest rates lower in the credit markets. Prices of long-term government bonds, which move in the opposite direction from interest rates, rose about $5 for each $1,000 in face value.

Analysts said stocks also appeared to benefit from 11th-hour buying by money managers at investing institutions, seeking to show heavily invested positions in stocks when they make their midyear reports to clients.

After this period of so-called window dressing ends, brokers say it may well take some impressive corporate earnings reports for the second quarter to keep the market's advance on track.

One negative in the recent market picture, many observers have noted, has been an absence of widespread gains, particularly among smaller "secondary" issues.

While the Dow made a new high today, only 77 NYSE-listed issues out of nearly 2,000 that traded reached new 52-week highs.

Reichhold Chemicals chalked up the day's best percentage advance, rising 18 1/4 to 60 1/2. Dainippon Ink & Chemicals of Japan made a $52.50-a-share bid for the company, and traders clearly drew the conclusion that other, higher offers might be in prospect.

American Medical International added 3/8 to 19 1/4. The company reported earnings for the quarter ended May 1 of 36 cents a share, up from 25 cents in the comparable period a year earlier.

Manpower, also benefiting from higher quarterly profits, picked up 3 7/8 to 53 5/8.

Gruntal Financial, which agreed to be acquired by Home Group Inc. for $9.50 a share, rose 1 3/8 to 9 1/4.

Chrysler gained 3/8 to 35 7/8 after trading lower for most of the session. On Wednesday, the company and two of its officials were indicted on charges of selling "new" cars that had previously been driven with their odometers disconnected.

Advancing issues outnumbered declines by more than 3 to 2 in the overall tally on the NYSE. The exchange's composite index was up 1.15 at 173.55.

Nationwide turnover in NYSE-listed issues, including trades in those stocks on regional exchanges and in the over-the-counter market, totaled 205.99 million shares.

Standard & Poor's index of 400 industrials rose 1.95 to 358.31, and S&P's 500-stock composite index was up 2.10 at 308.96.

The Nasdaq composite index for the over-the-counter market slipped .06 to 427.20. At the American Stock Exchange, the market value index closed at 337.48, up 0.21.